BlackRock has filed to put over $10 billion of its Treasury funds on to public blockchains. Target market: stablecoin holders parked on the sidelines

The pending applications, filed Friday with the SEC, are for two separate investment products based on ether and "delivered" via a model which one can characterize as tokenized.

One day, two filings, $10 billion of underlying assets In dollar terms, too, that is a rounding error for a company managing $14 trillion. It is one of the strongest signals so far given to crypto about where the existing financial system thinks money will go.

Its initial product is the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a new fund that invests in cash, US Treasury securities with maturities of less than one year and overnight repurchase agreements collateralized by Treasuries. It plans to create what BlackRock calls "OnChain Shares" by offering shares through an authorized network that will link with numerous public blockchains The Securitize service would provide the share registries. The minimum investment is $3 million making it entirely institutional only.

The second product is larger in scope. BSTBL: Two months ago, BlackRock moved $6.1 billion of traditional AUM into the transfer agent's new Select Treasury Based Liquidity Fund (And no this isn't actual pegged crypto)

The proposal would create the an Ethereum-based, tokenized share class (similar to an ETF-style fund) for it based on the ERC-20 standard while BNY Mellon would keep shareholder records on-chain. It would be the first time that one of BlackRock's biggest cash-management products has run directly on a public blockchain.

Actually for whom are these products

The first product is named intentionally. Stablecoin Reserve Vehicle. BlackRock is not courting those investors now, who already are invested in its Treasury funds. The $320 billion idle in stablecoins that earns little to nothing is its target.

The logic is straightforward. A person with $10 million USDC in their wallet is earning practically no yield. That $10 million in a tokenized Treasury fund earning the risk-free rate, currently around 4.3%, settled on-chain with no need to move back into a traditional bank account. Any friction associated with minting and redeeming a stablecoin into yield-bearing instruments historically involved traversing off-ramps to/from fiat bank transfers, as well manual settlement. A tokenized Treasury fund eliminates all of those steps.

The tokenized share class would allow investors who keep capital in stablecoins to transfer those holdings into a regulated, yield-bearing product without having to bring assets back on-chain or back into legacy bank accounts. That line is the entire product thesis.

What BUIDL was evidence of, and how that is relevant here

In 2024, BlackRock announced its inaugural tokenized money-market fund - BUIDL with the help of Securitize. BUIDL currently operates over $2.5B in assets on 8 blockchains: Ethereum, BNB Chain, Solana, Polygon, Avalanche, Arbitrum, Optimism and Aptos BUIDL found a use case that its creators had not perhaps fully anticipated: institutional traders quickly realized they could utilize BUIDL to collateralize loans for crypto borrowing and leveraged trading. These DeFi wormholes had opened up streams of product down pathways that nobody was in earnest and explicitly preparing for.

This secondary adoption pattern honestly is just as interesting Friday's filings, beyond the headline numbers. If the tokenized shares of BSTBL experience a similar pathway, $6.1 billion cash-management fund could be built-in crypto lending markets with collateral on decentralized exchanges and seamlessly integrated further into treasury management workflows existing only in the blockchain economy. It was originally designed for pension funds and endowments. And its compliance team might never even have heard of those protocols, yet their tokenized version could find itself inside them.

The market that these filings are coming into

The total value of the tokenized real-world asset market has surpassed $30bn, more than tripling over the past twelve months. According to rwa, the storage market for tokenized real-world assets has grown more than 200% in just one year and now exceeds $30 billion. xyz data. Just the tokenized US Treasuries have already hit $14 billion total, of which Ethereum holds over $8 billion. Together BCG and Ripple believe the market could be worth $18.9 trillion by 2033.

The SEC has not approved and can never approve either product. No launch date has been set. Yet two filings by a $14 trillion asset manager in one day is not exploratory. 2024 Blackrock via BUIDL Tokenization Friday's filings are execution.

Google Cloud just announced that AI agents will not be able to open bank accounts. Which is why they are creating crypto wallets instead.

The clearest distillation of where agentic commerce is all about came from that line at Consensus Miami this week. Rich Widmann: Google Cloud The Post-2036 World Rich Widmann was not being dramatic. A true AI agent literally cannot open a bank account. Regulatory and technological requirements presume a person on the other end. Crypto does not make this assumption at all.

In different words, the crypto chief at Paypal raised the same argument. Computer-placed AI agents are hopping from merchant to merchant at scale, deciding when to buy brain food in the checkout, comparing deals, basically making purchases. 10% of merchants have a chatbot on their sites, that is more automated than human. So much of this economy is hidden from the agents that are already shopping in it.

AWS, Coinbase, Stripe and Google are all laying the infrastructure to plug that hole with settlement of USDC transactions in milliseconds at a fraction of a cent each. By 2030, analysts believe the market could reach $3 to $5 trillion.

One questions no one at Consensus wanted to answer: Who is accountable when an AI agent buys something bad on your dime? The pipes are being built. The accountability framework is not.

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